Market Volatility & Investment Performance Risk: Voya's financial results are highly sensitive to market downturns, poor investment performance across its portfolios, and decreased asset valuations, directly impacting its fee revenue and capital.

Interest Rate Environment Risk: Adverse fluctuations in interest rates can significantly affect Voya's net investment income, the profitability of its spread-based products like annuities, and the cost of hedging its liabilities.

Regulatory & Compliance Burden Risk: Voya operates in a heavily regulated industry, meaning new laws, stricter enforcement, or failure to comply with existing regulations could result in significant fines, operational costs, and business restrictions.